With strike over, jewellers rush to register with excise dept

There were hardly any registrations with excise department as jewellers were on strike after govt introduced 1% levy on Feb 29

After calling off the strike, jewellery manufacturers are considering speedy registration with the excise department,  so that they can do hassle-free business.

There was hardly any registration with the department in the wake of the strike by the jewellers demanding that the government roll back the one per cent excise levy. The strike has now been called off and the jewellers are in a hurry to regain their lost business.

So far, around 35 jewellers, largely organised players who did not participate in the strike, have sought registration. These have been approved and the applicants allocated registration numbers . “Jewellers were on strike till Tuesday. We are committed to approving registration in two days,” said Subhash C Varshney, chief commissioner of central excise (Mumbai zone).

“The industry is very clear. The complications are gone. All parties concerned are positive about the issues concerning the sector. We do not see any complication anymore. Hence, there is no question of going on strike once again. Jewellers would start excise registration now,” said G V Sreedhar, chairman of All India Gems and Jewellery Trade Federation (GJF).

Mohit Kamboj, president of India Bullion and Jewellers Association, reiterated that IBJA would ensure that all demands of jewellers are met by the government, for which the association would soon launch a help line.

“Any jewellers harassed by the excise department can call on that number and would take up their issue immediately.” said Kamboj.

However, on a day when Indian jewellers came back to business, gold prices internationally have corrected while silver has gained due to strengthening metals.

Meanwhile, in Mumbai standard gold slipped marginally ie Rs 95 to close at Rs 29,210 per 10 grams on Wednesday in the popular Zaveri Bazaar here following the jewellers' strike called off. Gold was trading at a discount of $20 since last many days. However today as some demand for gold came in, discount reduced to $16 per ounce. Silver moved up to close at Rs 38375 a kg, a rise of 155 from the previous day.